ОСОБЛИВОСТІ ПРОЕКТНОГО ФІНАНСУВАННЯ ДЛЯ ПІДПРИЄМСТВ ГОТЕЛЬНОГО І РЕСТОРАННОГО БІЗНЕСУ В УМОВАХ ЕВРОІНТЕГРАЦІЇ

Abstract

The article examines project financing as a separate type of activity of credit institutions involved in the organization of financing hotel investment projects. The systematization of the world experience in the development of project financing made it possible to highlight the fundamental principles of project financing in relation to the hotel business. The principle of increased risk. Any project, the financing of which is carried out based on future cash flows, involves the distribution of risks among the maximum number of participants. The principle of adequate debt coverage. Compliance with this principle by the capital provider is based on the debt coverage ratio, which is determined by the ratio of expected revenues from project implementation to the total amount of debt. The principle of market viability of the project. The market principle requires a credit institution to conduct a detailed analysis of the market situation when concluding a credit agreement. Such market analysis is carried out in order to determine the dynamics of prices and demand for the period of operation of the hotel. The principle of limited liability of the client. According to it, the repayment of the debt occurs from the income from the implementation of the project, and the responsibility of the project initiator is determined by its own contribution. The principle of investment guarantee. A guarantee in project financing means an unconditional obligation to transfer the specified funds to the capital provider (usually a bank) in the event of a guarantee event. The purpose of this type of guarantee is to insure the debt obligations of the hotel project throughout its life cycle. The principle of debt repayment. This principle means that project financing will require unconditional repayment of funds according to the schedule. The principle of high financial leverage. This principle of project financing is based on maintaining a high ratio between own and borrowed funds. Such a scheme allows obtaining a number of advantages in the form of tax benefits, ensures the most effective use of credit instruments at each stage and contributes to the increase in the value of shares of project participants as a result of the completion of each sub-project and the commissioning of new hotels.